Armando Hernandez Fashions, Inc. sponsors a defined-benefit pension plan for its employees. The company's pension trust provided the following information: fair value of beginning plan assets. $569,000: projected benefit obligation at the beginning of the year, $678,000; service cost, $54,000; interest on beginning PBO. $56,900; actual loss on plan assets, $35,800 composed of expected gains of $50,000 and unexpected losses of $85,800; actuarial gains because of assumptions about PBO, $98,543; benefit payments made to retirees, $29.780; and contributions made by the sponsor corporation, $86.500. There is no amortization necessary under the corridor approach. The ending balance of the PBO was previously calculated as $660.577. Determine the ending balance of the plan assets and indicate the funded status of the plan at the end of the year. (Abbreviations used: PBO = Projected Benefit Obligation. If an input field is not used in the statement, leave the field empty, do not select a label or enter a zero. Use a minus sign or parentheses if the fund status is underfunded.)

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.